The global bio-polylactic acid films market was valued at $354.8 million in 2020 and is projected to reach $1,397.3 million by 2030, growing at a CAGR of 15.0% from 2021 to 2030.
Polylactic acid (PLA) is an aliphatic polyester formed by the polymerization of lactic acid. Bio-polylactic acid is a common bio-based plastic produced from bio-based monomers. Bio-PLA films are able to hold twists or, creases, unlike plastic films. The physical properties of polylactic acid make it a suitable alternative for fossil-based plastics in various applications of high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), and low-density polyethylene (LDPE).
Rise in health and environmental awareness among consumers is the key factor responsible for increased adoption of bio-polylactic acid films. Moreover, the governments of various regions have implemented stringent regulations and policies to increase the popularity of bio-polylactic acid. For instance, North America and Europe have imposed ban as well as charge heavy taxes for using plastic. Likewise, the government of various Asia-Pacific countries, including Japan, India, and China, have banned the distribution and use of plastic products and increased taxation on these non-biodegradable products. Therefore, consumers in the developing and developed regions of Asia-Pacific are increasingly concerned about environmental issues, such as greenhouse gas emissions, depletion of fossil fuels, and fluctuation of oil prices. This has fostered the use of disposable and renewable alternatives, such as bio-polylactic acid film, across various industries including food & beverages, home & personal care, pharmaceuticals, agriculture, and others.
However, higher costs of bio-polylactic acid films than semi-synthetic and synthetic films are projected to hinder the global bio-polylactic acid films market during the forecast period. Furthermore, the usage of bio-based materials has increased in food packaging over fossil-fuel-based plastics owing to their advantages such as biodegradability and sustainability of the final product. The rapid growth in demand for bio-based materials in the food packaging industry is expected to boost the bio-polylactic acid films market over the forecast period.
The bio-polylactic acid films market is classified into technology, end-use, and region. On the basis of technology, the market is segmented into sol-gel, atomic layer deposition, and multilayer. By end-use, the market is segmented into food & beverages, home & personal care, medical & pharmaceuticals, agriculture, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The bio-polylactic acid films market share is analyzed across all significant regions and countries.
The key players operating in the global bio-polylactic acid films market include Amcor plc, Futerro, Hubei HYF Packaging Co., Ltd, Mondi Group, Natureworks LLC, Shandong Top Leader Plastic Packing Co., Ltd, Taghleef Industries Inc., Tejin Limited, TotalEnergiesCorbion, and Xiamen Changsu Industries Co., Ltd.
Global Bio-polylactic Acid (PLA) Films Market, by Technology
By technology, multilayer has emerged as the biggest product segment on the global market for bio-polylactic acid films in 2020. Multilayer segment topped the bio-polylactic acid films market in terms of volume and value. Atomic layer deposition segment is expected to be fastest growing segment over the forecast period as it produces high-quality films suitable for various end-use industries. Various manufacturers are launching bio PC films using this technology.
Multilayer is projected as the most lucrative segment.
Global Bio-polylactic Acid (PLA) Films Market, by End-use
By end-use, food & beverage segment provided the largest share of the revenue in 2020. Bio-polylactic acid films are extensively used in food packaging as it improves the food sustainability and quality. Medical & pharmaceutical segment is expected to show lucrative growth over the forecast period. Bio-polylactic acid films are extensively used in the pharmaceutical industry as the non-carcinogenic and non-toxic effects of polylactic acid on the human body make them suitable for use in biopharmaceutical applications such as clips, drug delivery systems, and sutures.
Food & Beverage is projected as the most lucrative segment.
Global Bio-polylactic Acid (PLA) Films Market, by Region
By region, Europe is a significant contributor to the global demand for bio-polylactic acid films. The Europe region held the largest share of more than 41.0% in the bio-polylactic acid films market in the year 2020. However, Asia Pacific is expected to show a lucrative growth rate as the demand for the product has grown from food packaging and medical applications. In addition, rise in consumer awareness and government support for use of eco-friendly products boost product growth, especially in China and India.
Europe holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- The report includes an in-depth analysis of different segments and provides bio-polylactic acid films market estimations between 2021 and 2030.
- The bio-polylactic acid films market size is provided in terms of revenue and volume.
- A comprehensive analysis of the factors that drive and restrict the growth of the bio-polylactic acid filmsmarket is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current bio-polylactic acid filmsmarket trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
COVID-19 Impact on Market
- COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the bio-polylactic acid films market growth.
- There was a huge supply and demand gap created due to the COVID-19 pandemic.
- Fluctuation in prices of bio-polylactic acid films during COVID-19 was a major hindrance to the market.
- During COVID-19, the demand for bio-polylactic acid films increased from the food packaging industry. Owing to the lockdown, home food delivery increased as well as the sale of packaged food products also grew as people were working from home due to which demand for bio-polylactic acid films increased food packaging industry.
Bio-polylactic Acid (PLA) Films Market Report Highlights
According to the CXOs of the leading companies, in its business life cycle, the global demand for bio-polylactic acid films is heading into a period of growth stabilization. The factor that drives the global market for bio-polylactic acid films is growth in demand from agriculture and food packaging industry. The use of bio-polylactic acid films has increased in the agricultural industry as it helps to improve soil fertility and assists in soil protection, weed management, and fertilizer retention. In addition, bio-polylactic acid films offer great potential for packaging short shelf-life products, such as yogurt, fruits, and vegetables. It can be used as containers for packaging hot food and beverages by tweaking its heat tolerance properties. Bio-polylactic acid films improve the sustainability of the food products due to which their use has increased in the food packaging industry.
Consumers in the developing and developed regions of Asia-Pacific are increasingly concerned about environmental issues, such as greenhouse gas emissions, depletion of fossil fuels, and fluctuation of oil prices. This has fostered the use of disposable and renewable alternatives, such as bio-polylactic acid film, across various industries including food & beverages, home & personal care, pharmaceuticals, agriculture, and others. Asia-Pacific is expected to show lucrative growth in the bio-polylactic acid films market during the forecast period.